Wall Street's main indexes dropped on Monday, giving up early gains in volatile trading, as investors adopted a cautious tinge ahead of the Federal Reserve meeting this week where policymakers are widely expected to raise interest rates.
Complementing the weaker sentiment in equity markets, the yield on ten-year U.S. Treasuries hit 3% for the first time in more than three years, as traders positioned themselves for an expected half-point rate hike and the launch of "quantitative tightening," where the central bank reduces its balance sheet after buying bonds to support the economy during the pandemic.
In addition to serving as a barometer for mortgage rates and other financial instruments, higher borrowing costs also tend to hurt company share prices, as they make it more expensive to pursue expansion plans.High-growth stocks, such as technology companies, have been pummeled this year as a result of traders adjusting for this environment, with the tech-heavy Nasdaq losing almost 22% in 2022.
Losses have been accentuated in recent days by a number of disappointing earnings reports from the megacaps.Apple Inc
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